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Press release from Marketwire

Great Quest to Pursue Natural Phosphate Production

Tuesday, May 29, 2012

Great Quest to Pursue Natural Phosphate Production09:15 EDT Tuesday, May 29, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2012) - Joel Jeangrand, President & CEO of Great Quest Metals Ltd. ("Great Quest" or the "Company") (TSX VENTURE:GQ)(FRANKFURT:GQM) is pleased to announce plans to pursue development of a natural phosphate product for sale in West Africa. The Company is highly satisfied with the results of the recent metallurgical tests, and believes that the results indicate significant economic potential for the phosphate product derived from the Tilemsi Phosphate Project (Tilemsi). The Company will now seek to complete a preliminary economic assessment, to quantify capital and operating costs, and analyze the markets for the proposed products.Results from beneficiation, granulation, and solubility tests confirm that the phosphate rock can potentially be used as a direct application fertilizer and a low cost phosphate component for NPK blends. The simple method used for beneficiation and granulation suggests that pursuing this strategy would result in an ultra low cost phosphate fertilizer alternative. Given the high grade and the high solubility, this could potentially be a very versatile and effective fertilizer. Beneficiation via Wet Screening (See PR dated March 21, 2012) Phosphate rock from Tilemsi showed good characteristics for efficient beneficiation. The phosphate primarily exists within the larger size fractions, and as a result 98% recovery is achievable by screening for material larger than 106 microns. In addition, screening out the fine fractions can reduce silica, aluminum, and iron. The screen beneficiated phosphate grades assayed between 30.3% and 34.9% P2O5. The product may be beneficiated further by screening at 500 microns. Successful Granulation (See PR dated March 7, 2012) Tests confirmed that phosphate rock from Tilemsi can be granulated with relative ease with the use of a rotating pan granulator. Of the four binding agents tested, the utilization of peat and M4 bacteria as binding agents produced the greatest amount of ideally granulated product (1-4mm) with minimal abrasiveness. Successful granulation is an important factor in transportation and delivery of a quality fertilizer to the market. In addition, the granulated product can be used as a component in NPK blends. High P 2 O 5 Solubility (See PR dated April 23, 2012) The acid solubility test measures the immediate availability of phosphate to plant root systems when the fertilizer is applied. Tilemsi phosphate rock achieved high solubility in both citric and formic acid, showing 19.2% of rock soluble (or 71.1% soluble P2O5) in citric acid and 16.9% (62.5% soluble P2O5) in formic acid. Solubility tests were also conducted on the granulated product and showed 64.2% soluble P2O5 in citric acid. Finished phosphate fertilizers are bought and sold on the concentration of soluble P2O5, a simple calculation of contained P2O5 multiplied by solubility. Most market available fertilizers are 100% soluble. The Tilemsi rock, taking into account the rock solubility and the high achievable concentrations, should still produce a competitive product. Commonly used forms of phosphate include: di-ammonium phosphate (DAP) (46% P2O5), which retails in Mali for US$829/t in April 2012 and single superphosphate (SSP) (16% P2O5), which retails in the region for about $647/t. As an example, NPK (15-15-15) fertilizers are being sold at an average of US$775/t; approximately 35% of the cost and 33% by weight is from phosphate. (Source: ICIS/Africa Fertilizer) Commenting, Joel Jeangrand, CEO of Great Quest Metals, said, "We believe the natural phosphate product is low hanging fruit for the Company. A low capex, low operating cost opportunity offers the potential for a quick path to production. We hope to demonstrate that with a PEA. Given the size of the exploration target and the quality of the rock, the Company will also pursue strategies to sell phosphate rock on the international market."ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.Joel Jeangrand, President & CEO Great Quest Metals Ltd. is a Canadian mineral exploration Company with assets in Mali, West Africa. The Company is focused on developing the Tilemsi Phosphate Project, encompassing 1206 sq km in eastern Mali. The Company also holds several gold concessions in the productive Birimian gold belt in western Mali. Great Quest is listed on TSX Venture Exchange (GQ), and the Frankfurt Stock Exchange (GQM).This news release may contain forward looking statements including, but not limited to, information regarding geological interpretations, resources, potential timing and content of exploration programs, production schedules and projections, receipt of permits, company financings etc. Forward looking statements refer to events and conditions which have not yet taken place and therefore involve inherent risks and uncertainties. Actual results may differ materially from those anticipated in this news release. Great Quest relies on litigation protection for forward looking statements.The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties could cause actual results to vary materially from the targeted results. 12g3-2(b) Exemption #82-3116 Standard & Poor's Listed FOR FURTHER INFORMATION PLEASE CONTACT: George ButterworthGreat Quest Metals Ltd.Investor Relations604-689-2882 or Toll Free: 877-325-3838604-684-5854 (FAX)info@greatquest.comwww.greatquest.comNeither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.